U.S. gasoline prices inch up in recent weeks -Lundberg survey

Reuters

NEW YORK, Nov 24 (Reuters) - The average price for a gallonof gasoline in the United States rose for the first time in morethan two months over the past two weeks, according to theLundberg survey released on Sunday.

Regular-grade gasoline prices, which had decreased about 37cents between early September and Nov. 8 to an average of $3.22,inched up 3.4 cents to $3.25 a gallon as of Nov. 22.

The highest price for gasoline in the survey of major citiesin the 48 continental states was in San Diego at $3.58 a gallon.Drivers in Tulsa, Oklahoma, paid the least to fill up at $2.93 agallon.

"I think the price rise will continue" because oil refinershave been raising gasoline prices due to recent costlier Brentcrude oil, said Trilby Lundberg, publisher of the survey.

Prices at the pump could rise another 10 cents in the nextfew weeks, she said, though she warned that unpredictableshort-term changes in the crude oil market could override herforecast.

The recent rise in crude oil prices predated the nuclearenergy agreement announced Sunday between Iran and six worldpowers that halts further efforts to reduce sales of Iranianoil. Gasoline prices would plunge if the six-month agreementleads to a permanent lifting of oil sanctions, Lundberg said,but added: "In my opinion, the oil market doesn't know what tothink of the agreement."

(Reporting by Jed Horowitz; Editing by Maureen Bavdek)

Rates

View Comments (130)